AUDIT COMMITTEE CHARTER

Dvincze

Description

Cambridge Credit Counseling Corp. AUDIT & FINANCE COMMITTEE CHARTER Committee Role and Organization The Audit and Finance Committee (the “Committee”), established by the Board of Directors (the “Board”) of the Cambridge Credit Counseling Corporation (the “Organization”), shall consist exclusively of Independent Directors, (as defined by the Organization’s By Laws), of the corporation, which shall be responsible for oversight of the independent audit of the corporation’s financial statements and the primary oversight of the financial operations of the corporation. The Committee’s responsibilities also include assisting the Board in its oversight of the Organization’s compliance with legal and regulatory requirements, the independence and qualifications of the independent auditor, and the performance of the independent auditor. The Committee shall perform such other duties as are directed by the Board or are required by law. The Committee shall have open and free access to all information and is empowered to investigate any matter involving the Organization. The Committee may retain appropriate resources to assist it in discharging its responsibilities. The Committee shall consist of three or more independent Directors who are generally knowledgeable in financial matters, including at least one member who is a Certified Public Accountant or considered to be a “financial expert”. Each member shall be free of any relationship that, in the ...

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• Publié par: Zewyer
• Nombre de lectures: 31
• Langue: English

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Cambridge Credit Counseling Corp.

AUDIT & FINANCE COMMITTEE CHARTER

Committee Role and Organization

The Audit and Finance Committee (the “Committee”), established by the Board of

Directors (the “Board”) of the Cambridge Credit Counseling Corporation (the

“Organization”), shall consist exclusively of Independent Directors, (as defined by the

Organization’s By Laws), of the corporation, which shall be responsible for oversight of

the independent audit of the corporation’s financial statements and the primary oversight

of the financial operations of the corporation.

The Committee’s responsibilities also

include assisting the Board in its oversight of the Organization’s compliance with legal

and regulatory requirements, the independence and qualifications of the independent

auditor, and the performance of the independent auditor. The Committee shall perform

such other duties as are directed by the Board or are required by law.

The Committee

shall have open and free access to all information and is empowered to investigate any

matter involving the Organization. The Committee may retain appropriate resources to

assist it in discharging its responsibilities.

The Committee shall consist of three or more independent Directors who are generally

knowledgeable in financial matters, including at least one member who is a Certified

Public Accountant or considered to be a “financial expert”.

Each member shall be free of

any relationship that, in the opinion of the Board, would interfere with his or her

individual exercise of independent judgment. For this purpose, a member of the

Committee may not, other than in his or her capacity as a Board or Committee member,

accept any consulting, advisory or other compensatory fee from the Organization, and

may not be an affiliated person of the Organization. The Board will appoint and may

remove members of the Committee and will determine the Chair of the Committee.

The Committee will meet at least four times per year in discharge of its duties. The

Committee shall maintain free and open communication (including private executive

sessions) with the independent auditor and management.

Independent Auditor

The Committee, in its capacity as a committee of the Board, shall be directly responsible

for the appointment, termination, compensation and oversight of the work of the

independent auditor of the Organization. The independent auditor shall report directly to

the Committee.

The Committee shall ensure that the independent auditor submits on at least an

annual basis a formal written statement delineating all relationships between the auditor

and the Organization and certifying the auditor’s independence.

The Committee shall, at

least annually, obtain and review a report by the independent auditor describing the

firm’s internal quality-control procedures, any material issues raised by the most recent

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quality control or peer review, or recent governmental or professional inquiry, and steps

taken by the independent auditor to address any such issues. The Committee shall discuss

with the auditor its independence, such disclosed relationships and control matters that

may impact on the objectivity or independence of the independent auditor. The

Committee shall take such actions in its judgment as are necessary or appropriate to

assure the independence of the auditor.

The Committee, or the Chair of the Committee,

shall pre-approve the fees to be paid to the independent auditor for all services.

Committee Duties and Responsibilities

In carrying out its responsibilities, the Committee will:

•

Review the adequacy of the Committee Charter annually and submit

Charter revisions to the Board for consideration, as required.

•

Review the annual audited financial statements, with the independent auditor

and management. This review will cover both the acceptability and the quality

of the Organization’s financial statements, financial policies and internal

controls.

•

Review on a periodic basis internal financial statements and financial

performance of the Organization.

•

Review with the independent auditor and management the acceptability and

application of policies and practices with respect to accounting, reporting and

auditing, and the adequacy of internal controls.

•

Engage independent auditor and provide for pre-approval of the scope of all

services to be provided by the

independent auditor and the associated fees.

•

Review recommendations for the hiring of current or former employees of the

independent auditor.

•

Recommend to the Board the acceptance of the audited financial

statements.

•

Resolve disagreements which may arise between management and the

independent auditor regarding financial reporting.

•

Review with the independent auditor any audit problems or difficulties and

management’s response.

•

Assure that the Organization has adequate, independent procedures for:

o

the receipt, retention and treatment of complaints received by the

Organization regarding accounting, internal accounting controls, or

auditing matters;

o

the confidential, anonymous submission by employees of concerns

regarding questionable accounting or auditing matters; including

administering and reporting under the Organization’s Whistleblower

Policy.

•

Provide oversight of the audit function of the Organization, including review

and discussion of reports at least annually ensuring that management

implements recommendations made by the auditors.

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•

Conduct an annual performance evaluation of the Committee.

•

Submit written or oral reports on Committee activities, as appropriate, to the

Board at each Board meeting.

•

Review annual budget and recommend to full Board.

•

Review, on an on-going basis, the Organization’s financial operations,

performance and other matters of significant financial impact.

•

Ensure an adequate process for the annual review of Form 990 by the Board

of Directors is conducted.

Revised:

December 17, 2010

Originally Adopted:

December 21, 2007